'Shark Tank' Star Barbara Corcoran Shares Advice For Business Owners Amid Coronavirus Outbreak

On Wednesday, "Shark Tank" star Barbara Corcoran made an appearance on "Good Morning America." During her time on the ABC show, the real estate mogul was asked for advice regarding how small business owners should navigate the effects of the ongoing COVID-19 outbreak.

As she began to speak on the topic, the entrepreneur stated that the one thing many of the small businesses she has worked with in the past have in common at the moment is that they are all "scared to death." She then added that they have laid off roughly 25% of their workforce on average.

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After acknowledging that "everybody is trying to get creative," as every small business around the country attempts to deal with the ongoing coronavirus pandemic, Corcoran said that "good entrepreneurs try everything they can."

"GMA" host Amy Robach then shared prerecorded questions in order to allow the Corcoran Group founder to reply to more individualized issues, including one from a self-employed hair stylist who was forced to temporarily close her business as a result of COVID-19's spread.

"One thing you can do is you can call your landlord immediately," she replied, adding that she is in a "very good negotiating position" as hardly anyone is searching for rental properties at this time. Additionally, she said she should look into the recently-passed stimulus package.

Continuing, she added that when the "economy comes back, when this mess is over, people are going to be desperate for haircuts." Therefore, her final piece of advice was to keep in touch with her customers throughout the interim.

The full clip can be seen below.

Aside from the helpful advice that the ABC personality gave on "GMA," she has also been in the news in the past month due to being the victim of a phishing scam, which initially cost her $400K due to a minor detail being changed. However, the money was ultimately returned to her, which she said "thrilled" her.

Corcoran, along with Kevin O'Leary, Robert Herjavec, Lori Greiner, and others can be seen on "Shark Tank" when it airs Friday nights at 8 p.m. EDT on ABC.